Looking for places in Colorado (prefer SFH) for $500k or less that can cashflow year round. Any locations I should consider? So far have been considering Alma/FairPlay area just south of Breckenridge but curious as to other areas that you may have your eyes on.
I'd look into Grand Lake/Tabernash area. Tons of summer stuff in Grand Lake and near Winter Park Ski Resort for Winter.
Breckenridge is also generating a lot of events in the summertime, they used to be the start of the Pro-Am bike race I think. Lots of cities near Breck that can capture this market, you don't have to be IN Breck.
Salida is awesome, but getting to be so expensive. Near Monarch for the skiing and lots of fun summer stuff.
Nederland has Eldora for Winter, and some fun summer stuff like Frozen Dead Guy Days.
@Mindy Jensen thanks very much. Also have been keeping an eye on Winter Park and surrounding areas (Fraser, Tabernash, Granby) but can’t get much of anything for less than $700k or so.
Agree with you on Salida too.
We already have a place in Breck and unfortunately are now priced out of which is why Alma/Fairplay peaked my interest as there seems to be significant Summit County spill over I to neighboring Park County.
Totally agree with you and @Mindy Jensen about Salida. I was just there this weekend for their FibARK festival, highly recommended you check it out some time, a super fun weekend.
Buena Vista, 35 minutes North of Salida is less expensive and they have an excellent trail network and river access like Salida. This is likely our next location for a property.
We just purchased a duplex in Alma, 4 bed 4 bath on each side and are renting it out to locals, but it could work really well as a STR as well. Still cash flows well! Being 22 minutes from Breck is a no brainer, but not everyone does well at 10,500 feet elevation. I'm loving staying here where it's cool while I fix up one side and get it ready for tenants July 1st!
Park County market is hot, but not quite as crazy as the 26% appreciation in Breck single family homes in the last year! Summit County is a rental machine with all it has to offer, but most people are not getting their full potential with the management companies they choose IMO. Spend the extra money to make the interior trendy or unique for photos and listings to stand out. If you have the time to manage a listing and reservations yourself and just hire a cleaner, definitely the way to go and keep $$ in your pocket.
My wife and I were one of the first three Airbnb listings in Breck in 2011. We asked our landlord if we could rent out the second bedroom short term and they said ‘whatever, just pay the rent.’ We ended up making triple our rent and bought out first condo there a few years later to do the same.
There’s always seasonality and you’ll have stellar months in the summer and winter, with ‘mud season’ around May and October. Events are what draw the crowds and increase the nightly rates throughout the year, but I usually budget for 2 months of minimal income and plan accordingly.
Happy house hunting!
@Jake Sklanka thank you Jake, excellent points all around.
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